Aza, Solomon Mangwa2023-12-102023-12-102014-10-21Antoniou, A., Ergul, N.' and Holmes, P. {[991):Market efficiency, thin trading and non-linear behaviour: evidence from an emerging market. European Financial Management, 3. Arndt, C. and Oman, C. {2006):Uses and Abuses of. Governance Indicators. Paris: Development Centre of the Organisation for Economic Co-operation and Development. Chan, K. and Hameed, A. (2006):Stock price synchronicity and analyst coverage in emerging markets. Journal of Financial Economics, 80. Chui, A.C.W., Titman, S. and Wei, K.C.J. (2005): Individualism and momentum around the world. SSRN Working Paper, available at http://ssm.com/abstract=676367 Fama, E.F. {\91 ^'.Efficient capital markets: a review of theory and empirical work. Journal of Finance, 25. Freund, W.C. and Pagano, M.S. (2000):Market efficiency in specialist markets before and after automation. Financial Review, 35. Garretsen, H., Lensink, R. and Sterken, E. (2004)’.Growth, financial development, societal norms and Legal Institutions. Journal of International Financial Markets, Institutions and * Money, 14. . Gelos, R.G. and Wei, S.J. (2005^.Transparency and international portfolio holdings. Journal of Finance, 60. Griffin, J.M., Kelly, P.J. and Nardari, F. {2001):Measuring short-term international stock market efficiency. SSRN Working Paper, available at httD://ssm com/abstract=959006 Groenewold, N. and Ariff, M. (1998):777e effects of de-regulation on share-market efficiency in the Asia-Pacific. International Economic Journal, 12(4). Groenewold, N., Tang, S.H.K. and Wu, Y. (2003):77ie efficiency of the Chinese stock market and the role of the banks. Journal of Asian Economies, 14. Groenewold, N., Wu, Y., Tang, S.H.K. and Fan, X.M. (2004):77ze Chinese Stock Market: Efficiency, Predictability and Profitability. Cheltenham, Edward Elgar. Hasbrouck, J. (2006):Trading costs and returns for US equities: estimating effective costs from daily data. Working Paper, New York University. Hooper, V. and Kim, S.J. (2007): The determinants of capital inflows: does opacity of recipient country explain the flows ?Economic Systems, 31. Jain, P.K. (2005):Financial market design and the equity premium: electronic versus floor ' trading. Journal of Finance, 60. the efficiency oj emerging stock markets. Working Paper, Columbia University, available at SSRN: http://ssm.com/abstract=312153.https://keffi.nsuk.edu.ng/handle/20.500.14448/947ArticleThis study surveys the determinants of stock market efficiency of the Nigerian stock market. While numerous, empirical literatures exist as to the test of market efficiency, there are few or . total absence of literatures on the causes efficiency and inefficiency. This study surveys the various factors using questionnaire to collectulata from four hundred and eight nine (489) respondents. The data were analyzed usirig Kruskal Wallis fest. The result shows that the quality of institution ranked highest with a mean of 137. The test of hypothesis indicates a significant difference in the means of the variables. Based on the findings of the study it is recommended that distributors should increase the level of regulations and provide enabling environment to enhance the efficiency of the marketenKeywordsMarket Efficiency, Kruskal Wallis test, LiberalizationArticle